Why we are great
Sizwe IT Group has announced the buy-out of the company and its subsidiaries from the ConvergeNet Group.
Monday December 2, 2013 - Pretoria, South Africa
Sizwe IT Group, a leading Level 2 B-BBEE accredited ICT services company, has announced the buy-out of the company and its subsidiaries from the ConvergeNet Group with some regulatory conditions to be fulfilled. The transaction, valued at R120 million, was effective as of 1 September 2013.
The new shareholding structure includes Alexisource (Pty) Ltd – represented by Hanno van Dyk; and Loxisource (Pty) Ltd – with shares held by Ms Sibongile Radebe and Mendo Cables (Pty) Ltd. Sizwe is also finalising a further BEE transaction which will put the revised shareholding into the hands of a very strong BEE contributor.
Tim Modise has resigned as CEO, effective 30 November 2013, and sold his shares in the company. Modise will be pursuing new ventures within the ICT sector and will continue to consult to Sizwe on an ad hoc basis. He is succeeded by Hanno van Dyk, who will assume the role of CEO.
"The board would like to extend their warmest thanks to Mr Modise for his outstanding leadership and service to the company. We...